I messed up and need to know how bad and what to expect

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Sep 1, 2010 6:53 pm

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Sep 1, 2010 7:02 pm

Wouldn't this fall under "errors and omissions"? When you become aware of a problem like this, you have to follow your compliance procedure and report it to the special department at home office, and your OSJ right away.

If you became aware of the mistake through the manager, the manager would help you follow that process.

Did you try to cover it up? If not, don't worry, you are human. Just curious, why would you keep that info in an excel doc?

Sep 9, 2010 2:09 pm

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Sep 1, 2010 7:43 pm

You could probably get specific help from folks who read this if they would PM you. Don't panic, resigning does not change the material facts and I doubt if you would be punished for making an honest mistake.

Sep 1, 2010 7:45 pm

You should firstly explain what and how this happened and that you acted at all times in good faith. I don't believe resigning would help your case. I don't know why this would need to go on your U4, but regardless if you quit or not, it may end up on your U5...

You can't do damage control if you are gone... I've found in these situations honesty and being ahead of the ball are the best policies...

These statements are my opinion and what I think should/would be the likely outcome... I may be wrong, albeit rare.

GL

Sep 9, 2010 2:09 pm

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Sep 1, 2010 9:50 pm

Be yourself and be honest, it's going to work out fine for you.  

Sep 2, 2010 9:49 am

There is a trucking company, Stevens Transport, that has a rule that says drivers are not allowed to pull their trucks to the shoulder of any public highway or roadway unless the truck is TOTALLY disabled. This rule, known as the sitting duck rule exists because it is a known fact that even with perfectly empty highway with perfectly clear weather if a truck is pulled to the shoulder someone WILL hit it. It is only a matter of time.This rule came to life last year when a NJ trucker pulled his rig to the shoulder of a deserted highway and was killed by the one and only other vehicle on that highway that morning.

I tell you that to tell you this: having a document like that, with all that info on it was a sitting duck. It was only a matter of time before someone pushed a wrong button at the wrong time and sent it out. The document shouldn't exist. You may be called on the carpet, but others above you, including those who created the document and allowed such a document to exist also need to shoulder blame.

Tenth and Jack have given you good advice. Calm down. What's gonna happen is gonna happen. Let the wheel turn. Personally, I don't see a firing offense here.

Sep 2, 2010 10:00 am

excellent analogy, Bond...!

Sep 9, 2010 2:09 pm

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Sep 2, 2010 10:23 am

I would agree.  Be honest, you might get an internal mark on your record, as some HR departments require that, but I doubt it would lead to a U4/5  mark or termination.  Yes, someone could get a bug up their a$$ and want to fire you, but that is doubtful.

Sep 9, 2010 2:10 pm

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Sep 2, 2010 12:20 pm

[[email protected]]

OK so I was let go today and there will be a mark on my U4/ U5 is there any way I can try to get that removed or any action i can take thanks to anyone who can help.

[/quote]

Very sorry to hear about your situation. I find it surprising that they fired you, in that this is probably not the first time this has happened. So, did they fire ALL the other folks that fumbled information?? No, surely they did not. A company cannot arbitrarily fire a person, not fire a person, if they both are guilty of the same offense. You need to ask if this job is worth fighting for? Well, is it?

I've been fired before, and in those cases it changed my life. It changed for the better, because I made sure of that. You're probably young, and this can go on your list of mistakes/experiences that make you better, not worse.

BTW, the wording on the U4/U5 is important. More than likely, and I'd bet, it doesn't say what happened, other than "violated company policy on administrative/record keeping". The wording will tell you how strong an arbitration or legal case you have.

Sep 9, 2010 2:10 pm

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Sep 2, 2010 2:51 pm

u5 mailed to you within a week or two. You might try to influence that wording, by screaming and yelling if necessary. Tell them you're willing to go away, if they simply put "administrative error, non financial". If you got the money, get an attorney ASAP. Again, loss of proprietary information has no doubt happened at the firm several times over recent years, and they probably didn't fire all of those folks...

Sep 2, 2010 3:13 pm

u5 in the mail week or so, than likely a call from FINRA, wanting to knw WTH happened.

The company can modify the u5 with in a certain time period, I believe 30 days or so.

The big issue here is if they put a Termination on your file or possibly laid off... there are a couple of ways they can do it...

If I ket someone go for work related issues (ie: work ethic) I will generally let them submit a resig. letter.

I wish you the best buddy. Next step, get a decent partime job, weekends and nights, and find an indy office that will bring you on...

Considering the circumstances, if I thought you were worth the time, I wouldn't be adverse to bringing someone like you into my office... Not many can hack it in here... we do something called cold-calling which is a form of prospecting which is how we get new accounts....

J/K

seriously, keep your head up, this is NOT a CAREER ENDING THING, ASSUMING YOU ARE ACCURATE IN YOUR ASSERTIONs, sorry for the caps... I ain't going back.

GL

Sep 2, 2010 3:13 pm

head on over to my fun thread

Sep 9, 2010 2:10 pm

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Sep 9, 2010 5:09 pm

[[email protected]]

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[/quote]

Looks like he got a lawyer ...

Sep 10, 2010 3:49 pm

Excuse me, a company CAN fire one person for doing something and retain another person who did the same thing.  Been there, seen that, done that, it's real.  Forget it.  I spent two years fighting and tens of thousands of dollars on lawyers. I signed a clients name once with her written permission to an internal note but was fired.  The other two people in my office repeatedly signed clients names to legal documents-I have proof-but they still have their jobs.  One of them forged my name at least six times & I complained, but to no avail.  The big guys can do anything they want.  Do yourself a favor & run like hell.